This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Los Angeles Federal District Judge Dismisses Large Portion Of Saudi Family Feud Case Against US Citizen: Glenn Stewart

LOS ANGELES, Feb. 11, 2013 /PRNewswire/ -- The United States District Court for the Central District of California has issued a ruling in Case No. CV 11-2596 JGB (Ex) that effectively dismisses a large portion of the legal claims brought by the Algosaibi Brothers Partnership in a civil lawsuit against Los Angeles resident and entrepreneur, Glenn Stewart. Stewart, who was forced to undergo an exfiltration to escape from unlawful detention in Bahrain, had worked for a company owned by the Algosaibi Brothers Partnership for many years.

The lawsuit is but a tiny part of a sea of litigation brought in other countries and jurisdictions involving an internal Algosaibi family feud dating back to 2009 in Saudi Arabia. According to court documents, the Algosaibi Brothers have charged that one of their partners/relatives allegedly mismanaged the business and purportedly conducted one of the largest financial frauds ever. According to Mr. Stewart's attorney Haig V. Kalbian, "We are unaware of any evidence to support this assertion and on the contrary evidence was presented to a trial court in London last year that proves the opposite."

In 2011, the Algosaibi Brothers filed a 20-count complaint [Case No. CV 11-2596 JGB (Ex)], seeking billions of dollars in compensatory and punitive damages from Stewart. The Algosaibis have been in litigation against family members in Saudi Arabia, Bahrain, and the United Kingdom and the Cayman Islands, amongst other locations, since 2009. The Alogasaibis themselves have been under a travel ban issued by the Saudi King and directed not to leave Saudi Arabia as a result of this large family dispute. Stewart has claimed, via his attorneys in court filings, that the feud amongst the Algosaibi family members was directed to be settled by the Saudi King in early 2011. The Algosaibis, however, have denied this to the federal judge.

In ruling on Stewart's motion to dismiss, the law required the trial judge to assume that all allegations were true regardless if they were contrary to fact. Accordingly, the court must keep in any claim where the plaintiff has made allegations that might make up a plausible claim. The practical effect of the trial federal court's October 9th ruling is to dismiss no less than eight of the claims against Stewart and eliminate the claim for punitive damages and other relief not available in this lawsuit which will be decided based on foreign law. Mr. Stewart's attorney, Haig V. Kalbian, a Washington, D.C. based attorney, who has worked on many high stakes litigations involving disputes arising in the Middle East, has stated that his client looks forward to defending the remaining claims and proving to a Los Angeles jury of his peers that the allegations brought by this Saudi family have absolutely no merit.

SOURCE Glenn Stewart Observer

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.40 -0.92%
FB $100.06 -0.93%
GOOG $674.24 -1.40%
TSLA $156.78 9.10%
YHOO $26.68 -1.50%


Chart of I:DJI
DOW 15,632.24 -282.50 -1.78%
S&P 500 1,825.47 -26.39 -1.43%
NASDAQ 4,237.9050 -45.6870 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs